Swift Current Energy has secured a tax equity investment from Google for its 800 MWdc (593 MWac) Double Black Diamond Solar project in southern Illinois.
Solar Project to Power 100,000 Homes Annually
Located 30 miles west of Springfield, Illinois, the Double Black Diamond Solar project has a direct current (DC) capacity of 800 MWdc (593 MWac), making it the largest solar initiative east of the Mississippi River once operational. The project’s tax equity financing strategically utilizes the Energy Communities and domestic content incentives established by the Inflation Reduction Act.
Expected to come online by early 2025, the facility will produce enough clean electricity to power 100,000 homes annually. It is also projected to reduce regional carbon dioxide emissions by approximately one million tons per year.
The 800MW Double Black Diamond solar farm in Illinois is poised to power 100,000 homes and cut one million tons of carbon emissions annually.
“We are proud to be home to one of the largest clean energy projects in the nation. The Double Black Diamond Solar project brings significant economic benefits to our community, contributing $100 million in tax revenue and supporting hundreds of jobs. This project is a win for both our community and the environment,” said Andy Van Meter, Sangamon County Board Chairman.
Swift Current Secures Construction Financing
Swift Current previously announced that Mitsubishi UFJ Financial Group (MUFG), Societe Generale, Truist, and ING have provided construction financing for the project. Swift Current, the project’s developer, will also remain its long-term owner and operator.
“Projects of Double Black Diamond Solar’s magnitude require innovative partnerships. We are delighted to join forces with Google on a ground-breaking structure that will support Double Black Diamond Solar and serve as a guide for other major projects to come,” said Eric Lammers, CEO and Co-Founder of Swift Current.
“As we work to responsibly grow our infrastructure, we need to partner with companies like Swift Current who understand the nuances of the energy markets where we operate and can help unlock new clean energy at a rate that matches the pace and scale of demand growth on electric grids today,” said Amanda Peterson Corio, Global Head of Data Center Energy at Google.
Constellation NewEnergy to Supply Power to Major Clients
Constellation NewEnergy will purchase a portion of the energy and Renewable Energy Credits (RECs) from the Double Black Diamond Solar project. This power will supply seven major customers, including the City of Chicago, which will use the renewable energy to power high-demand facilities like O’Hare and Midway International Airports.
Other key clients with agreements include Cook County, Illinois, CVS Health, Loyola University Chicago, PPG, State Farm, and TransUnion.
For the project’s construction, Swift Current partnered with McCarthy Building Companies Inc. as its engineering, procurement, and construction (EPC) provider. The facility features First Solar modules primarily manufactured in the U.S. and solar trackers from American-based Nextracker.
At its peak, the construction phase created approximately 500 jobs, providing a significant boost to the local economy.